Federal Government to empower 5000 entrepreneurial NYSC members with N10 million

Date:

L-R: The Minister of Youth Development, Dr Jamila Ibrahim, D-G NYSC, Brig.-Gen. Yusha’u Ahmed, Mandate Secretary, Women and Children Affairs, FCTA, Mrs Adedayo Benjamins-Laniyi and Minister of State for Youth Development, Mr Ayodele Olawande at the opening ceremony of the maiden meeting of NYSC management with heads of Corps Producing Institutions in Nigeria, on Monday in Abuja.

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May 14, 2024.

Azonuchechi Chukwu.

The Federal Government has announced plans to empower at least 5,000 members of the National Youth Service Corps (NYSC) with N10 million each to fund their entrepreneurial ventures after they complete the NYSC scheme.

This was disclosed by the Minister of Youth Development, Dr. Jamila Ibrahim, during the opening ceremony of the inaugural meeting of the NYSC management with heads of Corps Producing Institutions (CPI) in Nigeria, held on Monday in Abuja.

She noted that this funding initiative aligns with the upcoming NYSC reforms and is distinct from the Nigerian Youth Investment Fund program set for 2024.

According to her, she will be inaugurating a team to undertake the review, restructuring and reforms of the NYSC.

“The thrust of these reforms will be centred on imbuing participants with an entrepreneurship mindset and making skills development the core of the programme.”

“Though that is already part of the objectives carried out by the scheme, the aim is to partner with it to strengthen the mandate.

“How do we make the scheme more efficient, more effective and more beneficial to both the nation and the Corps members?

“So, we envision a future where the NYSC programme is not only self-sustaining, but also a revenue generating programme within the next five years.

“To achieve this, we will institutionalise the NYSC ventures as an investment and asset management outfit,” she said.

The minister explained that this initiative would allow the Federal Government to effectively utilize and manage the extensive assets of the NYSC, making strategic investments across various sectors. She highlighted the targeted sectors for these investments as agriculture, manufacturing, garment making, communication, and digital banking.

She emphasized that this effort reflects the current administration’s commitment to investing in youth-led entrepreneurial ventures, positioning it as a crucial step towards involving young people in Nigeria’s progress towards becoming a trillion-dollar economy.

“The National Youth Skills programme will play a pivotal role in these reforms. While typically a 12-month programme this year, we’ll start a six months abridged version.

“We expect the ventures funded to emerge from this programme in various strategic sectors driving innovation and economic growth,” she added.

Ibrahim therefore urged the participants, as the custodians of higher education in Nigeria, to bear the profound responsibility of nurturing the intellectual, moral and civic capacity of the nation’s youth.(www.naija247news.com).


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Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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